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Updated about 4 years ago on .

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Michael Smith
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4
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I want to get a HELOC for my rental home that is $30K

Michael Smith
Posted

I own one sfh rental and it has appreciated in value. I am buying a second sfh outright in cash. I will own them both free and clear and they are each about $30k. I wanted to know whether you would recommend to get a HELOC to take my money back out of the house to purchase another similarly priced home or use the money for a downpayment on a duplex or triplex. How do banks feel about loaning on homes that are $30k. What percentage of the home value can I pull out. Thanks!